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REQUEST FOR <br />COUNCIL ACTION <br />CITY COUNCIL MEETING DATE: <br />MAY 5, 2008 <br />TITLE: <br />RESOLUTION ADOPTING THE NEW <br />PROPOSED TARGET EMPLOYMENT AREA <br />FOR THE ENTERPRISE ZONE <br />7 <br />~- <br />CITY MANAGER <br />RECOMMENDED ACTION <br />CLERK OF COUNCIL USE ONLY: <br />APPROVED <br />^ As Recommended <br />^ As Amended <br />^ Ordinance on 1S` Reading <br />^ Ordinance on 2"d Reading <br />^ Implementing Resolution <br />^ Set Public Hearing For <br />CONTINUED TO <br />FILE NUMBER <br />Adopt a resolution for the new proposed Target Employment Area to <br />complete final designation of the Enterprise Zone. <br />DISCUSSION <br />The Enterprise Zone (EZ) Program is intended to provide state and local <br />incentives for businesses to invest and locate in economically distressed <br />areas of California. A Target Employment Area (TEA) is an area within a <br />city that is composed solely of those census tracts that have at least <br />fifty-one percent of its residents of low-or moderate-income levels. Its <br />purpose is to encourage businesses in an EZ to hire eligible residents <br />from these geographic areas. The incentive for these businesses is the <br />availability of a tax credit for hiring residents who reside in a TEA. <br />To establish a TEA, an EZ must submit an application for TEA designation <br />to the Housing and Community Development Department. The application <br />must clearly identify the census tracts that will constitute the proposed <br />TEA and demonstrate that they meet the eligible criteria. The <br />application must include a certified resolution which approves the <br />boundaries of its TEA. It is required that the Council adopt the boundary <br />proposed for the new Target Employment Area (TEA) by resolution to <br />complete the EZ final designation. <br />55B-1 <br />